AIA has announced that it will be offering extra coverage for cases of the Covid-19 disease, commonly known as the Wuhan coronavirus or novel coronavirus. AIA Individual Life, Family Takaful, and Flex PA customers will be entitled to a hospitalisation and death benefit at no extra charge under the additional coverage for the coronavirus.
The hospitalisation benefit amounts to RM200 per day payable up to 30 days of hospitalisation if the insured is diagnosed with Covid-19 and kept in quarantine at any one of the Ministry of Health’s designated referral hospitals. If the insured passes away due to Covid-19, AIA will pay out an additional lump sum of RM10,000 per life to the beneficiary.
AIA will cover the benefits above until 30 June 2020. The coverage is not applicable to group plans, and any persons covered with more than one policy or certificate is only entitled to claim once. There is no waiting period for the coverage, but any pre-existing conditions prior to the commence date of the policy or certificate are expressly excluded.
As mentioned, this extra coverage is available to all of AIA’s existing Individual Life, Family Takaful, and Flex PA customers, but is also extended to new AIA customers who take up any of the eligible plans before 31 March 2020.
As for AIA medical plan holders, all of AIA’s medical plans will be covering customers who require hospitalisation and treatment as a result of Covid-19; all members of the Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) have already pledged to provide coverage.
Other insurance companies have also stepped up to offer special types of complimentary coverage for the Covid-19 virus – such as Prudential Malaysia’s lump-sum payout of RM5,000 to Prudential policyholders who have been diagnosed with Covid-19.